"IF YOU ARE UNABLE TO SEE THE PROFITABILITY OF YOUR ADVERTISEMENTS YOU WILL NOT BE ABLE TO SCALE OR IMPROVE YOUR STRATEGY. "
If you haven’t used data to scale your business, here is why you should.
-Understand what is working and what is not-Personalize your copy and content strategy-Respond to specific behaviors-Predict future behaviors-Spy on competitors-Create audience algorithms-Product Enhancement-Improve business infrastructure and daily operations.
UNDERSTAND WHAT IS WORKING AND WHAT IS NOT.
If you are unable to see the profitability of your advertisements you will not be able to scale or improve your strategy. One way to improve your strategy is to have a data infrastructure in place to report which variables are converting into leads or purchases. For example if paid or organic ad with (video a) paired with (copy b) brings is 3000 clicks and 200 lead sign ups. You can compare data wise against other campaigns. Understanding dominant variables that convert is strategic and will save you on costs. You are more immediately able to scale and understand what efforts to duplicate with a quick turn around time.
PERSONALIZE YOUR COPY AND CONTENT STRATEGY
As you get to know your audience and understand how they respond to your content you can personalize your strategy based on previous data. For example if women respond 50% greater to content type (b) and men respond to content type (b) at only 30% there are two enhancements you can work toward in this scenario. Now that you understand how content type (b) affects women you can scale based on data and optimize that ad campaign to target women. For the male demographic you can test out other content/copy to see how you can increase behaviors.
RESPOND TO SPECIFIC BEHAVIORS
We all know that most of the results will come with retargeting campaigns. However re-targeting everyone who engaged with your content may not be as specific or profitable as responding to specific behaviors. For example if you have a data event for your blog and specific blogs in your website you can respond to those who have read a series of blogs with a follow up in an advertisement. Where as those who have already signed up for a special offer at some point you can deliver content to persuade them to buy. In addition the above examples if they have watched a specific video you can send another video in your content sequence based on where they left off.
PREDICT FUTURE BEHAVIORS
In most cases there are rises and falls in business. If you have a data log of past behaviors you can predict future rises and falls in revenue. With this information you can optimize on high conversion times and create new strategies to combat lower revenue time frames. For example if January is a slow month or Monday’s are low volume you can either optimize on higher conversion times to make up for that day by scaling or you can create back up strategies to aggressively make your goals.
SPY ON COMPETITORS
If you are unaware of the value proposition of your competitors, how audiences respond to your ad campaigns may become a mystery. For example if a competitor has a lower price, offering a free add on, free shipping, free consultation, etc… and your value proposition is simply that you have a product. This may lower your performance. Understand what is on the market so you can better stand out.
CREATE AUDIENCE ALGORITHMS
One company told me how their ads were failing but they used to work at some point. If 3000 purchase a particular product at a specific time of the year. You can duplicate that audience by creating an audience algorithm similar to them. Ultimately an audience algorithm is a sure method to find those similar to those who took a specific action, rather than going after random targets.
PRODUCT ENHANCEMENT
It is one thing to sell a product, it is another to improve the product itself by understanding the consumer’s perspective. If consumers have complaints you can analyze the data and enhance the user experience.
IMPROVE DATA INFRASTRUCTURE AND BUSINESS OPERATIONS
I always use this story as an example. While traveling I ordered a few products from Amazon and as it turns out the area I was in they do not deliver to your door they will deliver it to a post office 30 miles out. Therefore the 2 day shipping you paid for was of no value. They told me they have no control over which carrier even though the post office clearly states they don’t deliver to the door in the area. I did get a full refund and I am sure others have had the same issue in the area. This is not only a loss of money to Amazon but it is not a good consumer experience. They should have an analyst determine which areas that will not deliver to your door to assure that another carrier is selected upon putting in their zip code. There are many other examples but shipping is a main factor in the consumer experience and is one of the most important factors as to how they will receive their goods and if the product itself is what they were expecting. If you want to continue earning revenue you have to continue to improve your products as well as the consumer journey. Customer reviews sell or repel future potential customers. You also have to consider other daily operations such as your labor to employee ratio to assure that your employees aren't miserable. A strategy to implement tasks are important to create an effective system and work flow.Learn how to use data to scale your business schedule your free strategy sessions today!
"IF YOU ARE UNABLE TO SEE THE PROFITABILITY OF YOUR ADVERTISEMENTS YOU WILL NOT BE ABLE TO SCALE OR IMPROVE YOUR STRATEGY. "